On May 24th, the annual financial statement for the year 2022, including the explanatory notes and the management report by the administrative body, was unanimously approved by the Shareholders’ Assembly.
The financial statement closed with a net profit of Euro 1,553,711.00, and upon the recommendation of the Board of Directors, the Shareholders unanimously resolved to allocate the profit as follows:
- Euro 466,113.00 will be allocated to the legal reserve, corresponding to 30% of the net profit. This reserve is intended to ensure the financial stability of the company and fulfill any legal or future contingent obligations.
- Euro 46,611.00 will be allocated to the mutual fund for the promotion and development of cooperation, representing 3% of the net profit. This fund will contribute to promoting cooperative initiatives and supporting projects within the cooperative’s scope.
- The remaining profit, amounting to Euro 1,040,986.00, will be allocated to the statutory reserve, as per ex. Art. 60 of Legislative Decree 104/2020. This reserve aims to preserve and strengthen the financial soundness of the company, enabling it to face any unforeseen circumstances or future difficulties.
The allocation of the profit reflects Italstick Soc. Coop.’s responsibility and foresight in managing its financial results. The creation of adequate reserves, such as the legal reserve and the unavailable reserve, contributes to the long-term sustainability of the company and its ability to tackle future challenges. At the same time, the funding of the mutual fund demonstrates the company’s commitment to promoting cooperative projects and initiatives.
In conclusion, the business financial statement for the year 2022 highlights a solid financial performance and prudent management of net profit. Thanks to the allocation of profit to appropriate reserves and funds, Italstick is well-positioned to face future challenges and continue to grow in a sustainable manner.